AG Paxton Joins Coalition Supporting President Trumps Appointment of a Temporary CFPB Director

Texas Insider Report: AUSTIN Texas Attorney General Ken Paxton today joined a coalition of five states led by West Virginia in support of President Trumps authority to appoint temporary leadership at the nations Consumer Financial Protection Bureau (CFPB) until a permanent director is nominated and confirmed. The coalition expressed their support for this move in a letter to President Trump and U.S. Attorney General Jeff Sessions. In doing so the group specifically objects to an attempt by CFPBs former director to appoint his own temporary successor as acting director.

It is clear that the Acting Directors role affords significant influence over decisions that affect day-to-day lives of the people of our States and the country as a whole the attorneys general wrote in the letter. The opposite result would allow an unelected outgoing agency director to choose a temporary successor who may be at odds with the Executive Branchs understanding of the agencys mission and statutory mandate and thereby continue the CFPBs practice of overreaching regulation that harms the interests of consumers and small financial institutions.

In their letter the states contend federal law prior administrative opinions and a federal appeals court decision all support President Trumps authority to name an acting director. The need for efficient administration within the executive branch also backs the statutory authority for President Trumps position in designating a temporary leader. Texas and West Virginia were joined by Alabama Arkansas and Oklahoma in writing this letter. To view a copy of the letter click here: http://bit.ly/2zyejCk